Today India’s Finance Minister, Mr. Piyush Goyal, presented last budget of the government before upcoming election. The budget has outlined many new schemes and provisions ranging from farmers to workers and middle class.
Major announcements in the budget 2019
- Income tax exemption limit increased from existing 2.5 lakh to 5 lakh. If all other deductions are also included, persons with 7.0 to 7.5 lakhs don’t have to pay any taxes. This new limit only applicable to people with income less than or equal to five lakh post all deductions.
- TDS deduction limit on banks and post office deposits increased from 10,000 to 40,000
- Self-occupied second house exempted from notional income tax on rental income
- No TDS on rental income of uptown 2,40,000
- Standard deduction for salaried class increased from exiting 40,000 to 50,000
- A new automatic tax assessment system in next two years to processes IT returns in 24 hours and issue immediate refunds
- 1 lakh digital villages to be established in next 5 years
- Assured 3,000 per month pension for approx 10 crore workers in unorganised sector earning less than 15,000 per month
- National Artificial Intelligent Hub to be developed
- PM Kisan scheme to provide 6,000 yearly to farmers having less than 2 hectare land. This scheme will be fully funded by centre and will benefit around 12 crore farmers
- 2% interest rate relaxation for animal husbandry and fishery sector
- Target to provide 8 crores free LPG cylinders, to be achieved by March 2019
- Single window clearance for film industry for shooting. Till now this privilege was available to foreigners only